After the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) took effect, Vietnam's tuna exports to the Mexico market prospered. However, the Covid-19 pandemic has caused higher transportation costs, and affected the stability of the economy and the consumption demand in Mexico, making export to this market fluctuate.
According to the commitments in the CPTPP and the Most Favourited Nation Treatment (MNF), the tariff levied on Vietnam's frozen tuna meat/fillets (HS code 0304) to this market will be reduced from 15% to 0%. This creates a competitive advantage for Vietnam's tuna products compared to other Asian countries or Ecuador when exporting to Mexico.
Mexico is also a large tuna producer. However, the country's catch has decreased due to the Inter-American Tropical Tuna Commission's ban on fishing in the Eastern Tropical Pacific Ocean. Besides, the low supply of raw materials from foreign fishing fleets has boosted the raw tuna imports for canned production. Therefore, recently Mexico tends to import more steamed tuna loins from Asian countries, including Vietnam.
With these advantages, Vietnam's tuna exporters are expected to have many opportunities to boost exports to this market. However, the outbreak of the Covid-19 pandemic has caused sea transportation costs and the price of raw tuna to increase, all of these have affected the growth rate of Vietnam's tuna exports to this remote market.
Lately, the Mexico Government has decided to temporarily exempt import tax for 1 year for 66 food and hygiene items, including canned tuna. The decision was a part of measures to slow down the rise in price, and the fall in household consumption and to build the Anti-Inflation Package. This decision has partly affected the country's tuna imports and at the same time increased competition because the tariff advantages under Free Trade Agreements (FTA) are now meaningless. Therefore, extending Vietnam's tuna exports to Mexico in 2022 is expected to be more challenging. It is difficult for Vietnam to compete on price with suppliers in the same continent as Mexico like Ecuador or the cheap supply of tuna loin from China.
Currently, there are 5 enterprises participating in exporting tuna to the Mexican market: Bidifisco, Frescol Tuna Vietnam, Hai Thanh, An Hai Seafood, and Dai Viet Seafood.
Compiled by Thuy Linh
(seafood.vasep.com.vn) The outlook for Vietnam’s seafood exports remains positive, with a strong focus on maintaining growth in key markets like China and the U.S., while diversifying into new regions. As global trade policies continue to evolve, adaptability and strategic planning will be key to navigating the challenges ahead.
(seafood.vasep.com.vn) Thanks to improved pangasius prices and higher production, Vĩnh Hoàn's after-tax profit in Q4 2024 reached VND 440 billion, a 4.8-fold increase compared to the same period last year.
(seafood.vasep.com.vn) According to data from Vietnam’s Customs, in Q4 2024, Vietnam’s pangasius exports to China & Hong Kong reached USD 163 million, a 17% increase compared to the same period in 2023, with consistent growth across all months. The total value of pangasius exports to China & Hong Kong for 2024 reached USD 581 million, a 1% increase over the previous year.
Vietnam’s seafood exports are projected to maintain strong growth this year, potentially reaching 11 billion USD.
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(seafood.vasep.com.vn) Another year of pride for Vietnam's pangasius exports has concluded, reaching over USD 2 billion and contributing 20% to Vietnam's total seafood export turnover.
Vietnam maintained its position as the fifth-largest seafood exporter to Singapore for 12 consecutive months, surpassing Japan for the first time in 2024, amid the intensifying competition in this market.
(seafood.vasep.com.vn) Despite facing numerous challenges in the second half of the year, Vietnam's canned tuna exports concluded 2024 with a 17% increase compared to 2023, reaching USD 299 million. To maintain this growth momentum in 2025, the canned tuna production and export sector requires coordinated efforts from all stakeholders.
SSI forecasts a 28% year-on-year increase in after-tax profit attributable to the parent company of Vinh Hoan Corporation (VHC), driven by a gradual improvement in average selling prices from USD 3.15/kg in 2024 to USD 3.30/kg (+5%) in 2025. An Giang Fisheries Import-Export Joint Stock Company (ANV)'s after-tax profit attributable to the parent company is projected to rebound by 104%.
In 2025, the Mekong Delta province of Bac Lieu aims to earn 1.2 billion USD from exporting shrimp, one of the key export products that accounts for over 95% of its total export value.
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